prior to the Loss Payment Date or (ii) within sixty (60) days after the occurrence of an Event of Loss give written notice to Lessor of its
intention to substitute within one hundred twenty (120) days of an occurrence of an Event of Loss an aircraft of identical make and model having the equivalent value, utility and economic life as the Aircraft. In the event Lessee exercises its
option under clause (i) of this paragraph, upon payment of such amount to Lessor, the Lease of the Aircraft hereunder shall terminate, and Lessor will transfer to Lessee all of Lessor’s right, title and interest in and to the Aircraft on
an *“as is, where is”* basis, without recourse and without representation or warranty, express or implied, other than a representation and warranty that the Aircraft is free and clear of any Lessor’s Liens.